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City audit finds Goose Creek in strong financial shape, auditor reports clean opinion
Summary
Outside auditors told the Goose Creek City Council the city received an unmodified (clean) opinion, with about $48 million in general fund revenue for the year and roughly $51 million in cash on hand, signaling strong liquidity and no findings.
Mr. Bailey, the lead auditor for the firm's engagement, presented the city's annual audit and told the council the report received an "unmodified or clean opinion, which is the highest level of assurance that the municipality would receive." He highlighted that general fund revenue was about $48,000,000 for the year and that the city's cash on hand was "just over 51,000,000," giving the city roughly 17 months of cash-on-hand based on governmental operating expenses.
Bailey said there were no compliance findings and that internal controls and documentation were sufficient for the audit team's work. Mayor Greg thanked Bailey and his team and noted the city rotates audit firms periodically "to get new eyes and new looks," a practice the mayor said helps ensure continued financial transparency. The presentation included several liquidity metrics — for example, a quick ratio the auditor characterized as "16.3" — and council did not ask for further immediate action; the audit was received and will be included in the official record.
